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Accountability Making It Personal Managers in Charge Regime Governance Reform CG Code Compliance CSj April 2017 Accountability Making it personal Managers in Charge Regime Governance reform CG Code compliance HKICS Online CPD seminarse anywhe tim re a ny t A yo u r c CS Practical Training Series: o n Annual General Meeting — Private and v e Listed Companies n i e n Options for Winding Up a HK Private Ltd Co — c Liquidation vs Deregistration e Director Induction/Training & Development SFC Means Enforcement Business HK Incorporated NGOs – Public Governance Standards/Business Review As Ltd or Guarantee Co under NCO Registration starts now Registration: http://ecentre.ouhk.edu.hk/cpd/coursesHKICS/coursesOnOfferForHKICS ECPD section of HKICS website: www.hkics.org.hk Enquiries: 2830 6011 / 2881 6177 / [email protected] (Incorporated in Hong Kong with limited liability by guarantee) 香港特許秘書公會 The Hong Kong Institute of Chartered Secretaries Good governance comes with membership April 2017 About The Hong Kong Institute of Chartered Secretaries CSj, the journal of The Hong Kong Institute of The Hong Kong Institute of Chartered Secretaries (HKICS) is an independent professional body dedicated to the Chartered Secretaries, is published 12 times a year promotion of its members’ role in the formulation and effective implementation of good governance policies, as well by Ninehills Media and is sent to members and as the development of the profession of the Chartered Secretary in Hong Kong and throughout Mainland China. HKICS students of The Hong Kong Institute of Chartered was first established in 1949 as an association of Hong Kong members of the Institute of Chartered Secretaries and Administrators (ICSA) of London. It became a branch of ICSA in 1990 before gaining local status in 1994. HKICS is a Secretaries and to certain senior executives in the founder member of the Corporate Secretaries International Association (CSIA) which was established in March 2010 in public and private sectors. Geneva, Switzerland to give a global voice to corporate secretaries and governance professionals. HKICS has over 5,800 members and 3,200 students. Views expressed are not necessarily the views of The Hong Kong Institute of Chartered Secretaries Council 2016/2017 Committee chairmen or Ninehills Media. Any views or comments are for Ivan Tam FCIS FCS – President Audit Committee: reference only and do not constitute investment Dr Gao Wei FCIS FCS(PE) – Vice-President Ernest Lee FCIS FCS(PE) or legal advice. No part of this magazine may be Paul Stafford FCIS FCS(PE) – Vice-President Education Committee: reproduced without the permission of the publisher Dr Eva Chan FCIS FCS(PE) – Treasurer David Fu FCIS FCS(PE) or The Hong Kong Institute of Chartered Secretaries. Human Resources Committee: Professor Alan Au FCIS FCS Dr Maurice Ngai FCIS FCS(PE) Circulation: 8,200 David Fu FCIS FCS(PE) Membership Committee: Annual subscription: HK$2600 (US$340) Ernest Lee FCIS FCS(PE) Dr Eva Chan FCIS FCS(PE) To subscribe call: (852) 3796 3060 or Stella Lo FCIS FCS Nomination Committee: email: [email protected] Gillian Meller FCIS FCS Edith Shih FCIS FCS(PE) Paul Moyes FCIS FCS(PE) Professional Development Committee: Editorial Committee Bernard Wu FCIS FCS Paul Stafford FCIS FCS(PE) Kieran Colvert Low Chee Keong Wendy Yung FCIS FCS Mohan Datwani Philip Miller Secretariat Paul Davis Samantha Suen Dr Maurice Ngai FCIS FCS(PE) - Past President Samantha Suen FCIS FCS(PE) Chief Executive Lydia Kan Li Zhidong Edith Shih FCIS FCS(PE) – Past President Mohan Datwani FCIS FCS(PE) Senior Director and Head Ernest Lee of Technical & Research Membership statistics update Louisa Lau FCIS FCS(PE) Registrar As of 28 February 2017, the Institute’s Credits Candy Wong Director, Education and Examinations membership statistics were as follows: Kieran Colvert Harry Harrison Lydia Kan FCIS FCS(PE) Director, Professional Development Students: 3,401 Editor Illustrator (cover) Carman Wong FCIS FCS(PE) Company Secretary Graduates: 512 Ester Wensing Images Karen Ho Senior Manager, Finance and Accounting iStockphoto Associates: 5,057 Art Director Lawrence Wong Senior Manager, Marketing & Fellows: 579 Communications Contributors to this edition Kenneth Jiang FCIS FCS(PE), BRO Chief Representative Veronique Marquis, Catriona Kellas Eversheds The Hong Kong Institute of Chartered Secretaries Tom Lu Lim, Sara Or (Incorporated in Hong Kong with limited liability by guarantee) Mayer Brown JSM 3/F, Hong Kong Diamond Exchange Building, 8 Duddell Street, Central, Hong Kong Tel: (852) 2881 6177 Fax: (852) 2881 5050 Kanus Yue PwC Hong Kong Email: [email protected] (general) [email protected] (professional development) Timothy Loh [email protected] (member) [email protected] (student) Timothy Loh LLP Website: www.hkics.org.hk Beijing Representative Office Advertising sales enquiries Rm 15A04, 15A/F, Dacheng Tower, No 127 Xuanwumen West Street Ninehills Media Ltd Xicheng District, Beijing, 100031, China Tel: (852) 3796 3060 Tel: (86) 10 6641 9368 Fax: (86) 10 6641 9078 Email: [email protected] Jennifer Luk Institute of Chartered Secretaries and Administrators Email: [email protected] Frank Paul Governance Institute of Governance New Zealand The Institute of Chartered Australia PO Box 444 Secretaries & Administrators Email: [email protected] Level 10, 5 Hunter Street Shortland Street c/o MCI UK Sydney, NSW 2000 Auckland 1015 Durford Mill, Petersfield Ninehills Media Ltd Australia New Zealand Hampshire, GU31 5AZ 12/F, Infinitus Plaza Tel: (61) 2 9223 5744 Tel: (64) 9 377 0130 United Kingdom Fax: (61) 2 9232 7174 Fax: (64) 9 366 3979 Tel: (44) 1730 821 969 199 Des Voeux Road Sheung Wan Chartered Secretaries Canada 202-300 March Road The Singapore Association ICSA: The Governance Institute Hong Kong Ottawa, ON, Canada K2K 2E2 of the Institute of Chartered Saffron House, 6-10 Kirby Street Tel: (852) 3796 3060 Tel: (1) 613 595 1151 Secretaries & Administrators London EC1N 8TS Fax: (852) 3020 7442 Fax: (1) 613 595 1155 149 Rochor Road United Kingdom #04-07 Fu Lu Shou Complex Tel: (44) 20 7580 4741 Internet: www.ninehillsmedia.com The Malaysian Institute of Singapore 188425 Fax: (44) 20 7323 1132 Email: [email protected] Chartered Secretaries and Tel: (65) 6334 4302 © Copyright reserved Administrators Fax: (65) 6334 4669 The Institute of Chartered ISSN 1023-4128 No. 57 The Boulevard Secretaries & Administrators Chartered Secretaries Southern Mid Valley City in Zimbabwe Lingkaran Syed Putra Africa PO Box CY172 PO Box 3146 59200 Kuala Lumpur Causeway Harare Houghton 2041 Malaysia Zimbabwe Republic of South Africa Tel: (60) 3 2282 9276 Tel: (263) 4 702170 Tel: (27) 11 551 4000 Fax: (60) 3 2282 9281 Fax: (263) 4 700624 Fax: (27) 11 551 4027 Contents Cover Story Senior management accountability and enforcement 06 Veronique Marquis and Catriona Kellas, of Eversheds, assess the implications of the Securities and Futures Commission’s ‘Managers in Charge Regime’ designed to strengthen senior management accountability in Hong Kong. In Profile Keeping companies honest 12 The winner of the HKICS Prize 2016, Gordon Jones FCIS FCS BBS, Hong Kong’s former Registrar of Companies, points out that writing the rule book is only the beginning of the long journey to good governance. Sponsor's Feature Cracking the Corporate Governance Code 16 Kanus Yue, Risk Assurance Partner, PwC Hong Kong, highlights the findings of a recent PwC study designed to assist listed companies to comply with the requirements of Hong Kong’s Corporate Governance Code. Technical Update New governance standards for authorised insurers 22 Tow Lu Lim and Sara Or, Partners of Mayer Brown JSM in Hong Kong, assess the implications of the new guidance note issued by the Office of the Commissioner of Insurance imposing more stringent corporate governance standards on authorised insurers in Hong Kong. Price-sensitive information and the Market Misconduct Tribunal 28 Timothy Loh, Managing Partner, Timothy Loh LLP, provides guidance to listed companies and their directors on the workings of the Market Misconduct Tribunal and enforcement actions by the Securities and Futures Commission. HKICS News President’s Message 04 Institute News 32 Student News 42 Bulletin Board 47 Careers 49 President’s Message The year ahead Hong Kong and were at the top of the for conferences and seminars in 2016 and agenda of our Council strategy meeting will seek to enhance the app further. held in February this year. Our priority at the moment is to ensure that you have all Finally, we also intend to put more resources the information you need to make your own into developing the profession in Mainland decision on the way forward. ICSA will be China. We currently have 183 registered sending out information relating to these students, 38 members and 163 Affiliated strategic changes in the coming months and Persons (AP) from H share, A+H share, we also plan to organise a series of forums A share and red chip companies on our and meetings to inform members and register. I believe we can expand our AP stakeholders of these strategic changes. programme, our student numbers and our membership base in Mainland China, but to Turning to other initiatives for the year do this we would need to expand our teams ahead, we will be seeking to maintain the working in the Mainland. his month’s CSj addresses the global momentum of our social responsibility T trend towards enforcing personal initiatives by focusing on specific social There are many potential areas where we accountability for senior managers. In my issues, including community economic could enhance our work. For example, the President’s Message this month, however, development, education, environment and Institute worked with the Open University I would like to focus on some important employee well-being. We at the HKICS of Hong Kong to launch the Postgraduate developments regarding the Institute of believe strongly in caring for our local Programme in Corporate Governance in Chartered Secretaries and Administrators community with the knowledge that ‘to Shanghai in 2016.
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